Inac The only people who are interested in (2024)

Homework Help>Questions and Answers

Question

Answered step-by-step

Inac The only people who are interested in (1)

InacThe only people who are interested in purchasing flood insurance are those in flood-prone areas where the likelihood of incurring a flood loss is high. This means the flood exposure is subject toA) adverse selection.B) indemnity.C) the law of large numbers.D) subrogation.

🤔 Not the exact question you’re looking for?

Go ask your question

1 Solution

Inac The only people who are interested in (2)BestInac The only people who are interested in (3)

Best

Newest

This problem has been solved! You'll receive a detailed solution to help you
master the concepts.

Solution 1

The correct answer is B) indemnity. The question states that the only people interested in purchasing flood insurance are those in flood-prone areas where the likelihood of incurring a flood loss is high. This means that the primary purpose of flood insurance is to provide indemnity, or financial compensation, to policyholders in the event of a flood.#### Solution By Steps***Step 1: Identify the key information in the question***The question states that the only people interested in purchasing flood insurance are those in flood-prone areas where the likelihood of incurring a flood loss is high. This suggests that the primary purpose of flood insurance is to provide financial protection or indemnity to policyholders.***Step 2: Evaluate the answer choices***A) Adverse selection: This refers to the tendency of higher-risk individuals to seek out insurance coverage, which is not the primary purpose of flood insurance.B) Indemnity: This is the correct answer, as the purpose of flood insurance is to provide financial compensation to policyholders who suffer a flood-related loss.C) The law of large numbers: This refers to the statistical principle that the larger the sample size, the more accurate the predictions. While this is important for insurance, it is not the primary purpose of flood insurance.D) Subrogation: This refers to the insurance company's right to recover payments made to the policyholder from a third party. This is not the main purpose of flood insurance.#### Final AnswerThe correct answer is B) indemnity. The primary purpose of flood insurance is to provide financial compensation or indemnity to policyholders who suffer a flood-related loss.

Answered by StudyX AI with Basic Model

Ask Tutor

Copy

Related Answered Questions

New York Basic Flood Insurance 2nd Edition Certification Exam 2001518 Question 22 of 50 What happens immediately after a community applies to the Federal Emergancy Management Agency (FEMA) for participating status A) Flood insurance rate maps are prepared B) Property owners may purchase ooverage through the Emorgency Program c) Property owners may purchase coverape through the Regular Program D) FEMA dovolops a flood hazard boundary map identifying flood-prone areas of the communityAnswered step-by-step 1 answer New York Basic Flood Insurance 2nd Edition Certficention Exam Test id 303090 0000430 Question 10 of 50 Queston ID 16+101 The only people who are mterestod in purchasing flood insurance are those in flood-prone areas where the likelfood of ncurning a flood loss is high This means the mont expesure is seibject to A) indemnity E) adverse selection c) the law of large numbers D) subrogationAnswered step-by-step 1 answer New York Basic Flood Insurance 2nd Edition Certification Exam 0045 36 Question 39 of 50 What happens immediately after a community applies to the Federal Emergency Management Agency (FEMA) for participating status A) Flood insurance rate maps are prepared B) Property owners may purchase coverage through the Emergency Program C) FEMA develops a flood hazard boundary map identifying flood-prone areas of the community D) Property owners may purchase coverage through the Regular ProgramAnswered step-by-step 1 answer Question 7 of 50 An insured who wishes to take legal action against the insurer over the handling of a flood insurance claim must file suit within A) three years of the date of any notice denying the claim B) three years of the date that the flood loss occurred C) one year of the date of any notice denying the claim D) one year of the date that the flood loss occurredAnswered step-by-step 1 answerThe only people who are interested in purchasing flood insurance are those in flood prone areas where the likelihood of incurring a flood loss is high This means the flood exposure is subject toAnswered step-by-step 1 answer

📢 Boost your learning 10x faster with our browser extension! Effortlessly integrate it into any LMS like Canvas, Blackboard, Moodle and Pearson. Install now and revolutionize your study experience!

PreviousNext
Inac The only people who are interested in (2024)

References

Top Articles
Latest Posts
Recommended Articles
Article information

Author: Stevie Stamm

Last Updated:

Views: 6127

Rating: 5 / 5 (80 voted)

Reviews: 95% of readers found this page helpful

Author information

Name: Stevie Stamm

Birthday: 1996-06-22

Address: Apt. 419 4200 Sipes Estate, East Delmerview, WY 05617

Phone: +342332224300

Job: Future Advertising Analyst

Hobby: Leather crafting, Puzzles, Leather crafting, scrapbook, Urban exploration, Cabaret, Skateboarding

Introduction: My name is Stevie Stamm, I am a colorful, sparkling, splendid, vast, open, hilarious, tender person who loves writing and wants to share my knowledge and understanding with you.